New York
- One of the biggest challenges of being retired is dealing with
all the paperwork associated. Consider the following:

Paying estimated
income taxes- Unless you worked for yourself, you will
probably start the process of making estimated tax payments to the
Federal and, if applicable, your state government, for income taxes.
Payments are required on April 15, June 15, September 15 and January
15. Generally, you need to ensure that you prepay at least 90% of what
you actually will owe in the year you are retired or 100% of the prior
year's tax amount.

No FICA taxes -
When you retire or reach the age of 65, Social Security taxes will no
longer be withheld. If you get a pension - no FICA taxes will be owed
since pensions are not considered income. No FICA taxes are owed on
investment income either.

Higher standard
deduction - If you or your spouse is over 65 -you
automatically are eligible for a higher standard deduction.

Tax on pension
income - Be careful if you move to a new state. Some states
attempt to collect income taxes on pension money you earned within
their borders, even if you no longer live there.

Mandatory
withdrawals - When you reach 70 1/2 years, you will need to
begin regular withdrawals from your IRAs and qualified retirement
plans. Income taxes are owed on these withdrawals.

Tax law and issues are every
changing and is extremely complicated. Even if you always did your own
taxes and plan on doing so when you retired, you should consulting with an
independent Fee-Only financial adviser to ensure there are matters that
you have not overlooked.